Advice for the Aspiring Saver

Profile:

You understand the importance of saving and have tried to start a savings plan, but have had some difficulty making regular deposits.

Recommendations:

Make a budget to find out what you can afford to contribute to your savings, and establish a manageable schedule.

Make a budget

The first thing you’ll want to do is create a personal budget. What you want to do is determine how much you can afford to save while maintaining your lifestyle. Figuring out what your expenses are can also help you identify where your money is going, giving you a clearer view of where you can safely cut back.

Set a schedule

Once you’ve determined how much you can put toward your savings each month, make a schedule and stick to it. Pay yourself first! Transfer your savings contribution to your savings account as soon as your paycheque is deposited. If you have the RBC High Interest eSavings® account, you can even set up automatic online transfers from your RBC banking account– so you don’t even have to think about it!